We welcome Loyola University Chicago Professor Spencer Waller who brings his antitrust skills to bear on competition in healthcare markets. Our discussion centers on Professor Waller’s recent essay, available at https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2819543. The key issue is whether healthcare antitrust is (or should be) another example of healthcare exceptionalism or transubstantive. Our discussion ranges from competing models of antitrust theory to remedies and enforcement and healthcare “snowflakes.”